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's the simultaneous convergence of tax increases and spending cuts designed to pressure lawmakers accepting other negotiated deficit reduction changes. it includes expiration of the bush era tax cuts that would effect everyone. expiration of the tax cut around for years can be called a tax increase. the nonpartisan budget office would bring in $1 trillion in ten years. on tap, 1.2 trillion in spending cuts for ten years. $100 billion in first year. half to defense programs. half to nondefense. cbo says going off the cliff would lead to a recession next year. we have fox team coverage tonight. ed henry is trying to read tea leaves on a day of mixed signals from all sides but we begin with mike emanuel on the possibility that g.o.p. lawmakers may put their oath of office above a promise to antitax increase organizer. good evening. >> good evening. the republican sources say they are offering a balanced approach of significant spending cuts and some revenue without boosting tax rates. >> we have been responsible as we remain firm on this point. no tax increases now for promised spending cuts that wo
, by extending middle class tax cuts and raising taxes on the rich. >> it would give us more time than next year to work together. on a comprehensive plan to bring down the deficit, streamline our tax system. do in a balanced way. >> the president apparent shift away from spending and tax altogether now in a big deal could increase the chances of a market rattling fall off the cliff. since the republicans want spending cuts included. >> republicans are willing to put revenue on the table. but it's time for the president and democrats to get serious about the spending problem that our country has. >> the president's move came one day after two other big developments, suggesting democrats want tax hikes on the rich now, with the promise of cuts to programs like medicare later. on tuesday, senator dick durbin flatly declared entitlement reform should not be on the table. yesterday, top white house officials also met with leading liberal groups, from labor unions to with one attendee telling the "washington post" they expect the taxes to go up on the wealthy and to protect medicare and m
donations like those here in america are like those tax deductible and with the u.s. approaching a fiscal cliff, there are rumblings of big changes and some could impact charity. the and here is the national correspondent tim angle. >> thanksgiving, a time to relish one's blessings and help the less fortunate. >> in the scramble to avoid the fiscal cliff, both the president's plan to raise taxes on the wealthy and the republican willingness for revenues could end up hurting charities and rely on the kindness of people with money. >> high income people tend to give very generous gifts. they may give a million dollar contribution to a capital campaign of a local hospital or a local art museum and a small number of donors at the high end that account for really big chunk of the charitable giving in this country and those are the folks that we'd be most impacted by this tax policy change. >> in fact, united way gives 15% of total donations, 500 million dollars a year, from those who give $10,000 or more. so, charities worry that any kind of tax increase on the wealthy could cut into their don
not to increase taxes writing, "we strongly urge congress to pursue comprehensive tax reform that lowers rates on all forms of business income while enacting significant entitlement reforms that put the federal budget on sustainable fiscal path." coburn says too much of the fiscal cliff debate focused on increasing taxes when cuts and reform are needed. >> we can take all the revenue and it wouldn't the problem. the real answer is as we have a demographic shift that is coming. to entitlement program that increased benefit without increasing the taxes to pay for entitlement programs. they are interrupt essentially. >> that is a key point made by two former congressman chris cox and bill averager in "wall street journal" editorial who wrote "the actual liabilities of the federal government including social security, medicare and federal employees future retirement benefit exceed $86 trillion." the second ranking senate democrat is for addressing entitlements but not now. >> medicare and medicaid insure one-third of all americans. they represent about 20% of our budget. and they are a real challe
on instituting health care reform. obamacare aboutsed more two years ago, unfolds in january with new taxes and exchanges ready in october 2013. analysts, however, say the federal government is way behind. >> there wasn't a lot of thought given to obamacare by a single entity making sure the pieces fit together. it was put together by a bunch of special interests and that's why you get this goldberg contraction. >> and just this week the administration finally laid out what it called essential benefits something that insurance companies must have to structure and price their health care plans. the administration is pressing its luck though, because insurance companies normally need more time than the few months left. >> if they're going to stand this up in 11 months, they are pretty close to the wire of having run out of time to do it. >> what it typically takes anywhere from a year to year and a half for an insurance company to develop new policies, get them approved by regulators and develop all the materials needed to sell them to consumers. >> many other parts of the new law, however, h
by the end of the year. so they want extension of current tax rate and spending levels. >> it seems a prudent course of action is figure out a bridge that takes us for some for of time. avoid issues fruition on january 1. >> the top republican said jeff sessions sent this letter to the top four leaders in congress saying if they are planning extension of unemployment insurance, offset for the changes must be achieved through real safings. not gimmicks like baseline saving from future war spendings that is not expected to occur. the markets won't reout well to staying the course. >> the worst thing that can happen is we put a temporary fix in. deal with it next year. >> senator joe manchin says it's important for washington to seize the moment. >> i believe with the election behind us ve a short period to do something monumental for country and generation. i hope we take advantage of it. i do. >> the uncertainty led wal-mart and other manufacturing companies to decide to pay quarterly dividends in december instead of january. threat of massive spending cut led to boom for lobbyists. the web si
Search Results 0 to 5 of about 6